InsideArbitrage Event Driven Monitor – March 10, 2025

Merger Arbitrage

1. CKPT: The acquisition of Checkpoint Therapeutics, Inc. (CKPT) by Sun Pharmaceutical Industries Limited, for a closing value of $355 million. Under the terms of the agreement, Sun Pharma will acquire all outstanding shares of Checkpoint, with Checkpoint stockholders receiving an upfront cash payment of $4.10 per share. Additionally, stockholders will receive a non-transferable contingent value right (CVR), granting them up to an extra $0.70 per share if cosibelimab secures approval within specified deadlines in the European Union under the centralized approval process or in Germany, France, Italy, Spain, or the United Kingdom, in accordance with the terms of the contingent value rights agreement. (Press Release)
2. ESSA: ESSA Bancorp (ESSA) filed a definitive proxy statement. The merger is expected to be completed in the third quarter of 2025.
3. BLUE: Beacon Merger Sub, Inc., a wholly owned subsidiary of Beacon Merger Sub, Inc., commenced the tender offer to acquire bluebird (BLUE), for $3.00 per share. The offer will expire on April 4, 2025.

You can check out new deals, all deal updates, and spreads on active deals in our Merger Arbitrage Tool for premium members here.

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